Credit Card Debt Reduction in Louisiana

Louisiana Debt Settlement and Debt Reduction Laws

We are pleased to inform the residents of Louisiana that our debt relief services are available in your state! Our debt consultants are always ready to speak with you and give you a free consultation – you can call now:

(888) 703-4948

We provide debt settlement and debt arbitration in the state of Louisiana. Credit card debt settlement is a way to reduce your debts with the creditor or collection agency to only pay back a fraction of the original amount owed. This method works because you pay less yet the creditor still recovers some of their loss. Ideal participants in such programs are those who are seeing less income, have medical issues or are simply overwhelmed by debt.

However, you may not have to even apply for credit card debt settlement if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.

Debt Collection

(This is intended to be a helpful and informational debt resource for Louisiana consumers and does not constitute legal advice.)

Louisiana follows the set of laws that are collectively known as the Fair Debt Collection Practices Act (FDCPA).

• Original creditor cannot contact any person not residing or present in the debtor’s home (except credit bureaus and other creditors), unless the original creditor a) is determining the debtor’s current location if creditor has reason to believe he or she moved or changed jobs; or b) is seeking property owned by the debtor for seizure to satisfy the debt; or c) the debtor consented.
• Original creditor can only mail one notice per month after a debtor has told the creditor to cease communication. Said monthly notice may not be devised to threaten action.
• In addition to aforementioned monthly notice, the original creditor may make up to 4 personal contacts with the debtor in order to settle the debt.
• In the event that the original creditor sues and wins a judgment, the cease communication decree is voided.

Maximum Interest Rate a Collection Agency Can Charge in Louisiana: 12%

Louisiana Wage Protection: 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage.

Statute of Limitations

A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in Texas but currently live in Louisiana, the applicable statutes of limitations would be Texas’).

Oral Agreements: 10 years
Written Contracts: 10 years
Promissory Notes: 5 years
Open Accounts (credit cards): 3 years

Whether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. The National Debt Relief Group offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within

minutes, or you can call now – (888) 703-4948.